The Jack Ma era is over, Report
Famous Chinese businessman and one of the richest men in the world, Jack Ma (Ma Yun) has not been seen in public for weeks wondering where he is.
He also disappeared from his reality TV show, Africa’s Business Heroes, and was replaced by an Alibaba executive. Ma’s busy schedule was the reason given for her absence from the show, the company spokesperson said.
Meanwhile, Chinese Communist Party spokesperson People’s Daily said Jack Ma has been damned as a money-grabbing “vampire” who exploits the poor.
Jack Ma now “embraces supervision” in an undisclosed location, Chinese state media reported.
According to reports, Ma, a member of the Communist Party, had been advised by the government not to leave the country.
People’s Daily has stated that there will be no “Jack Ma era”, and this reflects the current Chinese slogan that China is entering a “new era”.
The People’s Daily assessment is that there is no so-called epoch of a certain person, only certain people who have been completed during an epoch.
Ma isn’t the first, and probably won’t be the last prominent person to disappear this way.
According to reports, in the past there have been a few billionaires in China who suddenly disappeared.
Many billionaires disappeared during China’s anti-corruption campaign between 2016 and 2017. Some reappeared, claiming they were “helping the authorities”, others never returned. The most famous businessman is Chinese-Canadian businessman Xiao Jianhua, owner of Tomorrow Holding, who was taken from his hotel room in Hong Kong by suspected Chinese security officers during the celebrations. of Chinese New Year of 2017.
Jack Ma’s crises are likely related to the financial woes of the Ant Financial Service Group, which he founded almost 20 years ago.
Previously, the Central Bank of China launched an investigation into Ant Group. The tightening of the Chinese authorities’ grip on its business empire was due to its criticism of the Chinese regulatory system last October.
This happened days before the Ant Group went public with their initial public offering in Hong Kong and Shanghai. The $ 37 billion IPO was expected to be the largest in the world, until regulators cut the power, raising concerns about the growth of online lending and its ability to destabilize China’s financial system .
An anti-monopoly investigation has since been opened into Alibaba, Ma’s first e-commerce group founded in Hangzhou in 1999.
Ma’s personal fortune was estimated at over $ 60 billion in October, but has fallen by $ 12 billion given the fall in his shares in the past two months since meeting with the country’s top leaders.